first lien
- A priority claim or charge that is superior to all others of the same type, excluding exceptional circumstances such as government-imposed taxes
- After the bankruptcy declaration, the first lien on the property was paid out before other creditors received their share.
- Even though the company had multiple debts, the first lien held by the bank took precedence during liquidation.
- The investor was cautious about investing in a property that had a first lien attached to it, as it posed significant financial risk.
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